Bitcoin Holds Steady at $104K Amid Fed's Inflation and Growth Forecasts

Bitcoin Price Stability Amid Fed's Economic Outlook

Bitcoin (BTC) showed little movement, trading just above $104,000, as the U.S. Federal Reserve kept interest rates steady at 4.25%-4.50% during its June meeting. This decision was widely anticipated by the market.

Key Takeaways from the Fed Meeting

• Economic Growth Projections: The Fed revised its GDP growth forecast downward to 1.4% for the year, from the previous 1.7%.
• Inflation Expectations: Policymakers now expect higher inflation, with Personal Consumption Expenditures (PCE) and core PCE inflation projected at 3% and 3.1%, respectively.
• Unemployment Rate: The Fed anticipates the unemployment rate to rise to 4.5% this year and remain at that level through 2026.

Market Reaction

Following the Fed's announcement, Bitcoin's price remained stable at $104,200, while the S&P 500 and Nasdaq indexes saw gains. Traders are now looking ahead to Fed Chair Jerome Powell's remarks for further insights into the central bank's monetary policy outlook.